GBP/USD Price Analysis: Bears eye a trip to below H1 support to test 1.3330s

• GBP/USD 4-hour W-formation is compelling from a bearish perspective.
• GBP/USD bears will need to overcome the support structure near a 61.8% ratio.

The W-formation is a reversion pattern that would be expected to draw in the price towards the neckline for a retest of the structure as illustrated above. However, from an hourly perspective, there is support that the bears will need to overcome in the 1.3380/70s near the 61.8% ratio:

There are a number of inputs from a fundamental basis that argues for an even stronger US dollar but from a technical standpoint, there is resistance on the 4-hour chart in GBP/USD as follows:

GBP/USD H4 chart

The W-formation is a reversion pattern that would be expected to draw in the price towards the neckline for a retest of the structure as illustrated above. However, from an hourly perspective, there is support that the bears will need to overcome in the 1.3380/70s near the 61.8% ratio:

Until this area of support is broken, there are risks of an upside continuation as hypothetically drawn on the chart above.